Nigeria’s currency recorded a notable recovery at the official foreign exchange market on Friday, closing at ₦1,363.5 against the United States dollar after weakening earlier in the week.
Data obtained from the website of the Central Bank of Nigeria showed that the naira had opened the week under pressure before gradually regaining strength in subsequent trading sessions.
At the start of the week, the local currency depreciated to ₦1,425 per dollar on Monday, compared with ₦1,398 per dollar recorded the previous Friday.
The decline represented the weakest closing level for the naira since January 12, 2026, when it previously traded at the same rate.
Market conditions, however, improved the following day as the currency appreciated to ₦1,390.5 per dollar on Tuesday.
Additional gains were recorded on Wednesday when the naira strengthened further to ₦1,373.5 against the dollar.
The upward movement continued on Thursday, with the exchange rate improving to ₦1,370 per dollar at the official market.
By Friday, the currency extended its recovery, settling at ₦1,363.5 per dollar after gaining more than ₦60 within four trading days.
Officials of the Central Bank said the country’s improving external reserve position could help shield the naira from sustained pressure in the foreign exchange market.
According to the apex bank, Nigeria’s net foreign exchange reserves increased to about $34.80 billion by the end of 2025, reflecting stronger external liquidity.
The Governor of the Central Bank, Olayemi Cardoso, explained that ongoing monetary and foreign exchange reforms are designed to boost market confidence and enhance liquidity in the financial system.